Copper, lead soften on reduced offtake, global cues

NEW DELHI: Prices of copper and lead fell by Rs 2 per kg on local non-ferrous base metals market today on reduced industrial offtake amid a weak global trend.

Sentiment turned bearish after copper declined in global markets as minutes from the Federal Reserve's last meeting signalled US stimulus may be cut in coming months, traders said.

Meanwhile, copper for delivery in three months dropped 0.7 per cent to 6,950 dollar a metric tonne on the London Metal Exchange.

In the national capital, copper mixed scrap,lead ingot and lead imported were down by Rs 2 each to Rs 434, Rs 144 and Rs 142 per kg respectively.

The following are today's metal rates per kg: Zinc ingot 113-119, nickel plate (4x4) 1,059-1,060 gun metal scrap 227, bell metal scrap 229, copper mixed scrap 434,chadri deshi 285.

Lead ingot 144,lead imported 142, aluminium ingots 152, Aluminium sheet cutting 153, aluminium wire scrap 155 and aluminium utensils scrap 152.